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ACBO FALL 2012 CONFERENCE PANEL OUTLINE Wednesday, October 24, 2012 @ 8:30 a.m. “THE STRUCTURE OF TODAY’S GENERAL OBLIGATION BOND DEALS”
INTRODUCTION OF TOPIC AND PANELISTS El Camino Community College District:Jo Ann Higdon Vice President, Administrative Services Caldwell Flores Winters, Inc.:Khushroo Gheyara Chief Operating Officer Fulbright & Jaworski:Lisalee Wells, Esq. Piper Jaffray & Co.:Jeffrey Baratta Managing Director RBC Capital Markets:Rod Carter Managing Director
Forms of General Obligation Bonds 3 CURRENT INTEREST BONDS CAPITAL APPRECIATION BONDS AND CONVERTIBLE CAPITAL APPRECIATION BONDS (“CABs” AND “CONVERTIBLE CABs”)
Statutory Authorization Under 4 EDUCATION CODE GOVERNMENT CODE PROCESS/AUTHORIZATION TERM MAXIMUM INTEREST RATE
Current Controversies 5 POWAY UNIFIED SCHOOL DISTRICT PREMIUM and LETTER FROM THE ATTORNEY GENERAL CABS AND THE WHITE PAPER FROM LOS ANGELES COUNTY TREASURER MEDIA COVERAGE ON CABS
Pressures on Districts Under Controversies 6 RATING AGENCY CONCERNS MEDIA AND TAXPAYER ASSOCIATION FOCUS SHOULD EACH BOND ISSUE BE CONSIDERED ON A STAND- ALONE BASIS, OR AS PART OF A PROGRAM? DELAYED FINANCINGS MEAN DELAYED PROJECTS AND POSSIBLE INCREASED CONSTRUCTION COSTS
Is there an “ideal” structure? 7
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